天昇電 Research Memo（4）：2025年3月期は5.9%の営業減益予想だが、上振れの可能性も

2025年01月06日 15:54:00
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天昇電気工業は、2025年3月期の業績予想として売上高28,500百万円（前期比5.9%増）、営業利益1,000百万円（同5.9%減）を発表しました。特に、上半期の不振が影響し、営業利益は当初予想から下方修正されています。しかし、主要顧客である大手自動車メーカーの生産が下半期には通常に戻ることから、この予想は保守的である可能性があります。また、米国での物流事業が堅調に推移していることも上振れ要因となり得ると見られています。一方、通年の減価償却費は約2,000百万円で、EBITDAは3,000百万円になる見通しです。

*15:54JST 天昇電 Research Memo（4）：2025年3月期は5.9%の営業減益予想だが、上振れの可能性も ■天昇電気工業<6776>の今後の見通し

2025年3月期通期の業績は、売上高28,500百万円（前期比5.9%増）、営業利益1,000百万円（同5.9%減）、経常利益1,000百万円（同24.4%減）、親会社株主に帰属する当期純利益600百万円（同36.8%減）を予想しており、上半期の不振から営業利益は期初予想（1,400百万円）から下方修正された。

ただしこの予想では下半期の業績も下方修正されたことになるが、主要顧客である大手自動車メーカーの生産は下半期には通常に戻っている点を考えると、この予想は固めの予想と思われる。米国での物流事業も堅調に推移しているとのことであり、予想を下回ることはないと弊社では見ている。さらに通年の減価償却費は2,000百万円ほどの予想であることから、EBITDAは3,000百万円（前期比9.0%減）となる見込みで、注目する必要がありそうだ。

（執筆：フィスコ客員アナリスト　寺島　昇）

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